The Deputy Minister designates, ministry of Works and Housing, Honourable Dr. Prince Hamid Armah has disclosed that the Ministry of Works and Housing has established a technical committee to ensure the completion of the Saglemi project.
This technical team is obligated to engage private investors to inject new capital, expertise, and resources into the project, which could help expedite its completion and ensure its success.
During the public hearing of Dr. Armah, as the Minister designate, he noted that “the state has already invested so much in Saglemi and I think it’s important that we bring the original intent into fruition. I understand that the ministry has already constituted a technical working committee to look at private sector participation in offloading the project and to ensure that the project is completed for it to be used.”
The Saglemi project was designed to build 5,000 homes on 2,172 acres of land with a $200 million loan, a two-year grace period, and a five-year repayment period with a 12.5% interest rate per annum on the cedi equivalent of the dollar loan amount based on the dollar cedi exchange rate fixed at drawdown.
The Saglemi Affordable Housing Project in Ghana faced controversy when the New Patriotic Party accused former NDC officials of embezzlement, leading to incomplete housing units out of the proposed 5,000. Allegations of financial mismanagement arose, with only 668 units completed despite a reported project cost of $196 million. Several individuals, including former minister and construction company executives, faced criminal charges for willfully causing financial loss to the state.
